The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-07-10
FINANCES OF RLSSIi.
It's Debt Making Rashness In Keep.
Ing VITA q Parely Despotic
Power. Colossal.
IsrrcrAL 10 THE ArrEAL.l

Russian government, and the advice
of several European governments,
notably Germany, to its capitalists
to refrain from investment in Rus-
sian securities gives pertiucnce to a
review Of the economic strength and
weakness Of the Cars empire. IL
which Western Europe has anything
to do, and lis dealings are on a cor
respondingly gigantic scale. Its debt
and its debt-makiug rashness are in
keeping with purely despotic power.
and are such that free government
c,uld not for year indulge. in and
exist Perhaps nothing else shows
the real condition Of Russia, social
as we'll as economic and political, so
we'll as a review Of Its fnancial sys-
TEN. The recent alliance between
Germany, Austria and Italy, tacitly
but heartily Endorsed by England,
plainly shows the new drift in the
European politics, drift styled in
Russia as "a new crusade Of Europe
against Russia" So, pertinence is
given TO the question, us Russia
we'll fed and clad and armed2 Is
she indeed in q good fighting
condition." The Cars empire oc-
cupies more than halt Of Eu.
rope, and over third Of
is the most colossal government with
Asia. Its population amounts TO
over 100, 100000. Its army and navy
embrace ever 1900, 900 men. Not
withstanding these imposing figures,
Russia is not so mighty as she is big.
Her economic condition is very un-
satisfactory, as we shall presently
see. Presenting the State budget
for 1887, the Minister Of Finance
could net help estimating q deficit at
nearly 100, 000, 900 roubles (sJ0, O00,-
000). Before he wass appointed Min
lister OF Finances, Prof Bunge was
Professor OF Political Economy at
the Kieff University for over a dozen
years. He cannot, therefore, be ac-
cused OF ignorance as 10 the economic
aud financial condition OF Russia
OF his honesty and business ability
there never was any doubt And yet
for the last FIVE years deficit rang
ing from 100000 10 100000, 900
has been the rule. Yielding at last
10 the clamor Of the dissatisfied
statesmen and merchants. the
Gar recently appointed Prof.
Vyshncgradsky formerly Professor
OF the mechanics and latoly a rail
way builder, as the Minister Of FL
nance, promoting at the same time
Prof. Bunge TO the post OF president
Of the Committee oil Ministers. But
whether n professor Of political eco
nomy or q professor Of the mechanics
or q general take charge Of Russian
finances, the economic condition is
the same and IL will yet for years
battle the combined tforts Of the
Gar aud all his ministers.
Since the abolition Of serfdom In
1861, an economic reorganization has
been going on, which as yet Is lar
from being definitely settled. In the
first place, the freed serfs cannot pay
their manifold taxes aud subsist on
their small sllotments Of eight acres
per male capita, aud the govern
ment Is appealed TO for help. A spe-
eial land bank for peasants has been
established, with branch almost In
every province (twenty-nino 10 this
date) for the purpose Of assisting the
peasants In buying more land. II
appears from the official account Of
the bank that for the last four years,
15S,935 families have been enabled
20 buy 1885,, 42l acres for t26, $50, 900,
ora little over 81 per acre. Only
1880, 900 we're paid by the peasants
themselves, the balance being adj.
vancod by tho bank. Among the
creditors Of the bank there are So
individual peasants, l226 VILLAGE
oommunes, aud 2}6S peasant associa.
tons. As a SIGN OF the times, peas.
ant associations are beginning TO su,
porcede the old fashioned
village communos, aud the
tendency toward individual
property holding Is also very strong
even among the peasantry. On the
other hand, the former sori holders
having been deprived Of free labor
cannot prohubly manage their large
estates which soon become mort.
gagged and remortgagod. Being on
the verge OF ruin the mobiles Glamour
for the governments assistance In
the shape Of cheap aud liberal credit
from the Treasury, aud the govern,
mont has established a special lar d
bank Tor the MOBILES. From tho Off
cial report OF that institution IL ap.
pears that 3066 land owners hay,
borrowed from the bank ". 800 M,
roubles (ti6, 2J0.OO0) or over sl5..
100000 each from the bank uudel
mortgage on 6.2G6, l6O acres Of Lane
or over 1000 acres each. In othel
words, each aero guarantees abou
", which IL far more than IN,
market price Of land, even II cleal
Of previous mortgage, which is no
the case. Loans are issued from
period OF from thirty.six 10 forty
eight years. II the loans made be
fore IRON private banks coul,
not save the mobiles iron
ruin, there Is no rcasol
20 believe that the lib
eral loans from the treasury can &C
conplish IL. IL would seem a
though the Imperial Government
had undertaken 70 buy up at a higI
rate all the lands Of the former SCI
holders. Meanwhile, acting at thei
own risk and cost merchants 10 Rus
STA are fast bu,ing up large tracts Z
land IRON impoverished noblci
Most OF them, however, prefer rent
Ing their laud in small shares TO IN
peasants 10 eultiyating itin person.
Is evident thai while land al large
changing hands the agriculture /
Russia cannot be but 10 depresse
state. And a. the volume Of ioreis
trade depends directly upon the STA
OF agriculture, Il IL unsatisfactory
aud, 10 fact, Il is decreasing fro
year to year, as the following da